Orocrypt is a Panama-based company that plans to launch a digitized precious metals token based on the value of real gold stored in vaults around the world. Here’s our Orocrypt review.
What Is Orocrypt?
Orocrypt is a precious metals company with an ICO scheduled for June 14, 2017. During that ICO, the company will release 500,000 OROC tokens. The tokens represent 45% total equity at 9 Euros per OROC.
What makes OROC different from the billions of other cryptocurrencies in the world today? Orocrypt’s cryptocurrency is linked to the price of precious metals. Each token represents a proof of ownership of precious metals.
After the ICO, Orocrypt plans to launch its gold token, which will be its first product. The Gold token will represent ownership of 30 grams of LBMA-quality gold. The gold is stored at four vaults around the world and is subject to monthly audits. The gold token will be named ORO.G.
In the future, the company plans to expand its precious metal tokens to include silver, platinum, and others.
All Orocrypt gold tokens will be backed up, securely stored, and audited. Users can convert the tokens into gold on demand. The tokens will also be compatible with all Ethereum wallets.
The OROC currency isn’t actually used to purchase gold or silver: the OROC token is a share of the company.
Here are some of the reasons why Orocrypt promises to be different from other cryptocurrencies:
All aspects of token issuance will be open and auditable, including holding client funds, issuing digital tokens, and procuring/storing gold.
Orocrypt’s bullion will be stored “in several locations at reputable vaults around the world”. They’ve done this in order to reduce the risks of adverse legislation in any single jurisdiction.
The company has identified four specific locations, including the Cayman Islands (held by Byzantium), Zurich (Swiss Gold Safe AG), Liechtenstein (OZL AG), and Hong Kong (Swiss Gold Safe AG). Gold stores are audited monthly by Société Générale de Surveillance SA.
Experienced & Reputable Team:
The team behind Orocrypt includes former bankers, stockbrokers, accountants, and business professionals who have extensive and senior financial management experience.
Orocrypt complies with Panamanian laws concerning precious metals merchants.
The Orocrypt ICO
Orocrypt’s initial coin offering is scheduled to start on June 14. During this ICO, the company will release 45% of the company’s total supply of 1,112,000 shares. Those shares represent a 45% total stake in the company. The tokens represent common shares in Orocrypt Inc, and confer all the usual rights and privileges of owners or shareholders.
Starting in Q3 2017, Orocrypt plans to issue tokenized precious metals – starting with gold under the ORO.G token.
How will the company make money? Why should you invest in Orocrypt shares? The company’s profits come from a 1% commission fee over the gold spot price on all sales of one token or more.
There’s also a 0.04% transfer fee when tokens are transferred between wallets. Fees for transactions involving less than one token will be 10% for purchases between 0.10 and 0.50 of a token, and 5% for purchases between 0.5 and 0.9 of a token.
As mentioned above, 45% of the company’s 1,112,000 shares are being released to the public through the ICO. What about the remaining 55% of the company? Where is the total supply?
The Orocrypt website explains that 24% of shares released through the ICO are held by the board as Class B shares. 18% are reserved for a future employee incentives pool. 13% are treasury shares reserved for finance, bonus, and compensation for services and rewards.
The price of the tokens is 9 Euros per share. The ICO is preparing for a total of 4.5 million Euros of funding, which will provide two years of operating capital. Any funds not needed for short-term expenses will be invested in gold, silver, bitcoin, and ether.
There are incentives for large investors. The two largest investors who purchase over 56,000 tokens each will have the right to a seat on the Board of Directors.
Meanwhile, early investors also have incentives. Investors who buy tokens during the first week of the ICO offering will receive a discount of 5% on the token price. Anyone who buys tokens during the second week of the offering will receive a 2% discount.
Who’s Behind Orocrypt?
Orocrypt is led by Alejandra De Gaustad (Founder and CEO), Jose Antonio De La Cerda (Secretary), Darlene Hart (CFO), and Margaret Bentham (Director). De Gaustad is from Chile. She has been an independent financial consultant since 2003. She previously served as the president or managing director of a number of financial organizations.
In January 2000, she was named Head of Central Office (Asset Liability Management) and Head of Market Risk at DEPFA Bank in Germany, for example. In 2002, she was named the Managing Director of DEPFA Investment Bank Ltd.
All company employees are featured in detail on the official Orocrypt.com website, including a list of advisors. Each of the company’s four founders has more than 30 years of financial industry experience.
Orocrypt is a unique cryptocurrency company that is offering digitized precious metals on the Ethereum blockchain. The company is planning to release its OROC tokens through an ICO starting June 14.
By Q3 2017, the company hopes to release its gold tokens, which represent real gold in vaults stored around the world. The gold tokens will be labeled ORO.G, and each token will represent 30g of LBMA compliant bullion. Users will be able to easily trade tokens with Orocrypt, or on exchanges and P2P services.
The company is based in Panama. During the upcoming ICO, Orocrypt will release a 45% share in the company in the form of its OROC tokens. All vaults are audited monthly, and Orocrypt complies with all Panamanian regulations that concern precious metals merchants.
Stay tuned for more information about Orocrypt as the company proceeds with its ICO and releases its OROC tokens and ORO.G tokens in the future!